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Risk Management Financial Sr. director finance & administration Jean Mervine Sr. director information services lisa mangiafico. Soroptimist International of the Americas. What are internal controls?. Systems of checks and balances Assure integrity of financial assets

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Risk Management FinancialSr. director finance & administration Jean MervineSr. director information services lisamangiafico

Soroptimist International of the Americas

what are internal controls
What are internal controls?

Systems of checks and balances

Assure integrity of financial assets

Prevent opportunity for fraud, theft or embezzlement

Best practice

Soroptimist International of the Americas

some examples
Some examples...

Procedures to keep cash and checks safe

Regular financial reports

Segregation of duties

Two signers on a bank account

Reconciliation of the bank statement

Lock and key

Soroptimist International of the Americas

why have internal controls
Why have internal controls?

Helps to prevent fraud or theft

Sets an environment for control

Helps identify a loss quickly to minimize damage

Provides members with assurance that the organizations money and assets are safe

Soroptimist International of the Americas

but this can t happen to us
“But this can’t happen to us!”

Club treasurers who kept no records or receipts

Clubs not complying with IRS filings and requests

Treasurers who have comingled club and personal funds

Clubs whose only authorized bank signer left and took all of the money

Soroptimist International of the Americas

five essential internal controls
Five essential internal controls

Financial policies

Clear role definition

Physical controls

Handling cash

Bank reconciliation

Soroptimist International of the Americas

other best practices
Other best practices

Soroptimist International of the Americas

budgeting
Budgeting

Part of internal controls

Sources and uses of income

Approved expenditures to reflect strategic plan

Compare budget to actual

Soroptimist International of the Americas

tracking expenses
Tracking expenses

Keep receipts

Keep good records

Report financial results regularly

Soroptimist International of the Americas

banking
Banking

More than one authorized signer

Signatures on checks

Bank reconciliation

Soroptimist International of the Americas

bonding
Bonding

Protects your financial assets

SIA has a plan available in US & Canada

Soroptimist International of the Americas

responsibilities in fundraising
Responsibilities in Fundraising

Register as a charitable organization

Know your local, state and federal regulations

Soroptimist International of the Americas

resources available
Resources Available

Members section of soroptimist.org

Sample club budget

Club treasurer guidelines

Club audit procedures

501(c)(3) Organizations information (US only)

Soroptimist International of the Americas

u s tax related issues
U.S. Tax Related Issues

Gaining 501(c)(3) Status Requirements

Exempt purpose: charitable

Not organized or operated for the benefit of private interests

Does not attempt to influence legislation as a substantial part of its activities or participate in campaigning for political candidates

Soroptimist International of the Americas

u s tax related issues1
U.S. Tax Related Issues

Keeping 501(c)(3) Status Requirements

All 501(c) organizations MUST file an annual information return:

990 ((the most in-depth version) annual gross receipts <$50,000

990-EZ (the short form version) annual gross receipts <$50,000

990-N (e-Postcard) annual gross receipts of $50,000 or less ; file online at : http://epostcard.form990.org A filing receipt can be printed as soon as the filing is made online.

Soroptimist International of the Americas

u s tax related issues2
U.S. Tax Related Issues

Losing 501(c)(3) Status

Clubs or regions that fail to file for three consecutive years will have their status automatically revoked by the IRS

13 clubs and 1region have been revoked

Treasurer should provide proof of filing, and President should request proof of filing

Soroptimist International of the Americas

new clubs and tax status
New Clubs and Tax Status

When SIA headquarters has word a club is chartering:

Contact the club president with the paperwork to be part of SIA’s group exemption; copy the governor

SIA requires: a letter requesting inclusion, an agreement to abide by exempt requirements, copy of club bylaws, and if incorporated, copies of the articles of incorporation

Soroptimist International of the Americas

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Thank You!

We will now take a 15 minute break.

Soroptimist International of the Americas

support services for your region and clubs
Support Services for your Region and Clubs

Insurance packages through SIA’s insurance broker available in US and Canada:

Club Liability Insurance

Management Liability Insurance

Bonding

Contact Kaelin Hill, AH&T Insurance

[email protected] or 703-554-6269

Soroptimist International of the Americas

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QUESTIONS?

Soroptimist International of the Americas

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Thank You!

We will now take a 10 minute break.

Soroptimist International of the Americas

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